15 June, 2018 – Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce that following completion of the succesful extended well test on well CSo-85 in the Company’s Fracción D asset, the Company and its Joint Venture partner and operator Compañía General de Combustibles S.A. (“CGC”) have elected to substitute the fourth and final well (Los Joaquines) in the current exploration programme across Fracción C and Laguna de Los Capones assets to enable the parties to drill the CSo 111-I well at Fracción D, targeting the Tobifera gas play, on an accelerated basis.
The CSo 111-I well would be located on the western flank of Cañadon Salto and would target total gross prospective resource of 18.8 bcf (best case) in addition to confirming existing contingent resources of 19.0 bcf (gross best case). Success on this well would further support an early decision for gas development at Fracción D.
The Los Joquines well, derisked through the drilling of the ELM 1004 well, has been substituted out of the current exploration programme by way of an agreed amendment to the CDL Farmout Agreement (covering the Fracción C, Fracción D and Laguna De Los Capones licence areas) between Echo and Joint Venture partner and operator CGC and will now instead potentially be drilled as the first well during the second phase of exploration drilling.
Fiona MacAulay, Chief Executive Officer of Echo, commented:
“The recent positive results from the extended testing at CSo-85 of the Springhill reservoir, mean that prior to sanction of any development plan the Company and its partner would like to understand the potential scale of development including contribution of gas from the Tobifera formation. We are delighted to be able to advance the drilling of CSo 111-1 well, as this will greatly enhance our understanding of the developable asset base in Fracción D and enable the optimised design of pipeline and processing facility capacities. We are, as ever, focused on maximising long term value for Echo shareholders and will continue to seek to optimise operational plans with that goal in mind.”
Full announcement at https://www.echoenergyplc.com